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Invest Well:ESG StrategyUrban SplashResidential Fund

02Invest Well: ESG StrategyInvest Well —Our CommitmentA strategy not a policy.A culture, not a tick box exercise.Invest Well, do so by Design and by default. These principles underpinour ESG Strategy at the Urban Splash Residential Fund. Investingresponsibly is not just about doing the right thing with your funds.We want every investor to have confidence in the financial and socialimpact return of their investment. Our approach to ESG is to build thatconfidence by evidence basing our impact and investing in a real-timestrategy, reporting on our actions quarterly, not just yearly.Our investments make a difference for our investors, society, ourcommunities and the wider world and we have a very deliberatefocus on evidencing our social impact across people, planet, place andprocurement. We measure ourselves locally, using external verificationtools to evidence and improve on our work in communities, andwe measure ourselves globally, committing to the UN’s SocialDevelopment Goals and other initiatives such as the Race to Net Zero.High quality homes matter as much as great spaces to play, rest andconnect with nature. The award-winning developments we invest inall have one thing in common – high levels of community investment.Investing in those living, working, delivering in our communitiesstrengthens all aspects of our portfolio. It fundamentally helps usto present you with great opportunities, manage risks, improve theperformance of assets, all whilst ensuring we collectively make afinancial return equal to that of the social return for people, placeand planet and quite often doing so through ever greater ethicalprocurement relationships.The Urban Splash Residential Fund is guided by a framework calledLive Well by Design, the guiding design, brand, investment andcommunication philosophy for all Urban Splash communities. Theprinciples of this are carried over into the ESG reporting and the focusof the Charitable Trust. Whilst the Fund acquires assets within thecommunities where these values have been applied, we also work onadditional collaborations with the Charitable Trust to support uniqueopportunities to demonstrate our commitment. A recent example(summer 2020) is our commitment to launching the very first ArtHouse with Urban Splash at Port Loop. Together we have supportedthe award-winning, locally rooted arts organisation – MAIA Group,to launch YARD, moving into one of our properties with artists livingand working there, with the community, for and in the community.This collaboration led to over 90,000 of funding being leveraged tosupport the two years of the current collaboration.Our ESG strategy is a journey. We are learning and making changesto the way we work all the time. We take seriously the importance ofexternally verifying and baselining our impact, showing measurableimprovements that seek to set the standard in our sector, but we havea long way to go yet. Our commitment to you is simple. Transparency.Check back here throughout the year as we update our strategy, shareour evidence and ambitions for further positive action and impact.John ForbesChair, Investment Committee

03weter aywa aw sthe drain pond sg,leinyUs suall ivers swau d r ndafeetoGreen and blue - let nature do its best.GohonnOuokto r comiinv biodiv mitou iting ers menittrneig natu y,hb re inourho toodsPlayoutEntilteapla courado y for gingran orste all a outdgin pp ges oolargf,am y to fromily frelife eersthag t rythin eve chyrineev ve, n reatonaPla n’t m we cresdo corneingnfeeGreylthdeag h its an hinitritis circu t, w eioPr es,foo ur bikninotyorou tes, r onrou g odouryoGreenfUsuturesgo ing gpu od re oodin tting ason techthe than foredright righthand toolssuryoOnbiketstrensirthein ingars im tg c recla g ou pinuttdtinPu e an r sit g itincfopla ets soakestr andtheeeGrnrbocarndemo uceaing redUs s to ough edhr of ustho ct tme pa timeim lifewLoYourrulWeesthe havcan rule e chyo be s, so angeu a codnd nfig yourbuhuilt red omebybus yrtmadsanengre gbe akin tsldou by m co shslylow esWe tless act o strp eroreff w im nd zalowSloLove thy neighbourhood - a place to belong tosorkrwteWaLive how you like - configurable homes for all kindsLive well by accident - a place to be active at all agesLive Wellby DesignBe green without trying - make low carbon second natureInvest Well: ESG Strategygeranmehinwit h aitesom h w ewd h reac nd n entoGo asy ge a nd re ran n awe owid s toywaHoLocalhByeroeshe suppmo roes ortinan re re we c g locdpaalay son n cr alloc s to eateal.stayinkrgebigerigh, h orews m kdo and thin yinw gsto asBig ceilin w us ath eallo d breace ansp bigThelacnpmodanheslac e wit rtraepTh e sha e he odw re th urhosace ers a hbopigs tho r neouofmCoveatiypla tcan pareigrne w or b retu gclartinyA p it pa ever coma b ere omehahdwan likelsfeeBeanLive well - this is the bit above ground,the bit everyone can see. This is whereeverything bears fruit and come to fruition.The part where we show what we do.The part on which we will be judged.When we are talking about living wellit is things that every housebuilder can andshould do, things that can have a realimpact in our daily lives. In a sector thatworks in pounds per square foot, it’s thethings that can’t be monetized that oftenget overlooked. So we have set out fiveuniversal principals that we believe will makeour homes and neighbourhoods great placesto live well at all ages.Wde talen ork wlive t aitr th nd h the b em e bes erg estt m ing desodern idea ignho s tomeDessigann-lPeSuEctiv mbrely acepo ace chasitnive llera gech tingangeBedast-desi ghntturureingvanoodreasonDe- peoples ignwithatthepurpe- foroeffortntrer thCozer mmitzer o wa to mo c ste eaarbson in co urabho nst le tme ruc argtio etssnand forneteorpOuofever yt hiur is ahowit userts Hosta thattfirs so orkle ple o WotopPe n pe laceow at PerGplengcereniffe wa d d neenkama atscan ormwe e f rentivrehe ovat andwnnGo h in owwit ys towantouit ckeMaosceemanyaKnow the provenance of all ourmaterials and extend our green ethosthroughout our supply chainSupport artists and creatives andArty business recognise the value they bring tothe places they inhabitZeSupply chainquiftshanSupporting communiityaction and local heroesthrough our charitable trustLook beyond orthodoxyand deliver innovation forthe right reasonsPrioritse longevity in ourdesigns and longterm successin the places we buildryctoFavepro iono im ise t rec ns-sit nd p nditioffaoove ncy ry cMo fficie actoe er fy,dalit unumAction heroeslrepica- insntti oonforgLead by examplelacThe long viewExpemtnoefrhfipartner with the best thinkersand doers in every sphere sowe can be the best in oursPiostr neeate ringgcre ic pa R&Dativ rtnte c ers hrouolla hip ghbo andrationFuarsatklo opeall e tosm enc erthe iffer attom a d ally mrftekefirs t ma hat rletop tha sPe tails thingde bigtherstJoint enterpriserncefu tGreen by default - sustainability hard wiredeodctiheotstInvest in ModernMethods of Constructionto deliver better resultsMpraleopedModern methodBy design - this is the bit below ground, it’smostly hidden from view. The is how wework. These are our company values andcorporate culture. It is where we findinspiration and draw strength. When we talkabout living well by design it’s not aboutdesigner trims and trappings but aboutdesign with real intent. It’s about design asa means to an end not an end in itself. Acommitment to design means working withleading architects to design homes andneighbourhoods that are exemplars notreplicants, that work for people and thatthey can make their own. And by happycoincidence design with true purpose istruly beautiful.ndthefew

04Invest Well: ESG StrategyPeoplePeople make the difference. We invest in skills, collaboratingwith schools, colleges and others to deliver training, internships,apprenticeships and creating jobs. Our staff, customers, communities,partners, investors, collaborators and the many people we investin help to define our values and ESG strategy. We want our peopleto thrive. Together we can maximise our potential and our strategyof embracing and fostering diversity is matched by our approach todeveloping talent and opportunities where others might not see it.The Charitable Trust is collaborating in 10 schools across communitieswhere we have invested funds, including Birmingham, Sheffield,and Manchester, investing in a skills programme and connectingemployees across the Urban Splash companies through mentoringand staff volunteering opportunities to inspire the next generation.The Residential Fund is committed to an active role in the UN’s SocialDevelopment Goals:PlanetOur investments are in communities and buildings where weincreasingly understand the impact on the environment and put plansin place to improve on every measurable indicator. In constructionand in-use is the current focus of Urban Splash’s work towards acarbon positive future and ambitiously, to achieve Carbon Zero by2030. That includes homes, where we are increasingly focussing onmodern methods of construction, our offices and the commercialspaces. Externally verified benchmarking processes on our homes areunderway and we plan to report on improvements every quarter.When it comes to what this means locally - green by default is ourmantra. Urban Splash is investing in numerous initiatives to deliversector leading impact that matters to our customers. Initiatives includeacademic collaborations to carry out plastic audits so we can identifywhere in our construction process we can minimise plastics. We alsohave a growing ecology focus, seeking to exceed expectations ondeveloper’s investment in bird boxes, collaborating with the RSPB todeliver new innovations with our modular homes. The Urban Splashgroup of companies are also members of the Race to Net Zero, aUnited Nations led campaign to deliver action and commitments onclimate change in the run up to COP26 in 2021.The Residential Fund is committed to an active role in the UN’s SocialDevelopment Goals: